Our Organization The Glen Cove Industrial Development Agency, (GCIDA) is a non-profit, public benefit corporation of the State of New York, organized by special act of New York State Legislature on May 17, 1974. The GCIDA has the authority to help not-for-profit and qualified business to relocate, expand and build in the City of Glen Cove. Mission Statement (Adopted March 10, 2011) The Glen Cove IDA is authorized to promote, facilitate, and assist in the acquisition, construction, and improvement of industrial, commercial, cultural, and educational facilities that advance economic welfare of the community by job creation, economic activity, and prosperity for the citizens of the City of Glen Cove. The GCIDA provides benefits to qualified companies in three primary methods:
Taxable and tax-exempt Industrial Revenue Bonds
Tax exemptions (sales tax and mortgage recording tax)
Financing GCIDA assists financial needs of various organizations by issuing both taxable and tax-exempt bonds and by providing information on complementary financing such as fixed asset and working capital lending programs. Tax Management Qualified projects of GCIDA are eligible for sales, mortgage and real property tax exemptions. For real property exemptions, the direct payment in lieu of tax (PILOT) is an agreement between the Company and the Agency that contains a scheduled payment plan based on current tax rates and a mutually agreed project value Infrastructure Support GCIDA can gain access to grants for projects that are part of an overall economic development plan to attract or expand a qualified project
Glen Cove IDA Performance Goals (Adopted March 10, 2011)
To operate in a fiscally conscientious and responsible manner.
To continually assess the needs and opportunities of the City's business community, and to strive to apply the Agency's services where they will create the most benefit and economic vitality.
To meet the economic and sustainability needs of the community through application of various economic incentives and programs.
To encourage businesses to benefit from IDA programs by clearly communicating the programs available.
To cultivate and maintain community trust and engagement by operating in a transparent and easily accessible manner.